Verification
Verification is ... (coming soon) Verification Main types are proof-of-work and proof-of-stake. Proof-of-Work https://www.coinstaker.com/ethereum-ice-age/ Proof-of-Stake https://www.coinstaker.com/ethereum-ice-age/ "Peercoin was one of the first crypto assets to introduce proof of stake, and has since its inception, witnessed a plethora of clones, notably the user friendly Blackcoin, a direct descendant, at least as far as coding is concerned. There are other variations as well, such as NEM, which uses a proof-of-importance algorithm. Reddcoin has something similar, dubbed as proof-of-stake-velocity. Additionally, we also have BitShares, Clam, Lisk, Mintcoin, Novacoin, Qora and so on." https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ "In general, a proof of stake algorithm looks as follows. The blockchain keeps track of a set of validators, and anyone who holds the blockchain's base cryptocurrency (in Ethereum's case, ether) can become a validator by sending a special type of transaction that locks up their ether into a deposit. The process of creating and agreeing to new blocks is then done through a consensus algorithm that all current validators can participate in. There are many kinds of consensus algorithms, and many ways to assign rewards to validators who participate in the consensus algorithm, so there are many "flavors" of proof of stake. From an algorithmic perspective, there are two major types: chain-based proof of stake and BFT-style proof of stake. In chain-based proof of stake, the algorithm pseudo-randomly selects a validator during each time slot (eg. every period of 10 seconds might be a time slot), and assigns that validator the right to create a single block, and this block must point to some previous block (normally the block at the end of the previously longest chain), and so over time most blocks converge into a single constantly growing chain. In BFT-style proof of stake, validators are randomly assigned the right to propose blocks, but agreeing on which block is canonical is done through a multi-round process where every validator sends a "vote" for some specific block during each round, and at the end of the process all (honest and online) validators permanently agree on whether or not any given block is part of the chain. Note that blocks may still be chained together; the key difference is that consensus on a block can come within one block, and does not depend on the length or size of the chain after it." https://bitcointalk.org/index.php?topic=2307909.0 https://github.com/phoreproject/Phore Others https://themerkle.com/what-is-proof-of-importance/ "To be more specific, every account on the NEM blockchain is assigned an importance score. This score will influence how individual users can “harvest” the blockchain. One could say harvesting on the NEM blockchain is almost the same as what miners do on the Bitcoin blockchain. The objective is to add people’s transactions to the blockchain, in exchange for a small financial reward. As people’s importance score grows higher, they will have a better chance at getting these rewards. In order to be eligible for the “importance calculation,” users need to have at least 10,000 XEM in their balance. Considering there are just under 9 billion XEM in circulation, achieving that goal is not overly expensive by any means. It is possible this threshold of 10,000 XEM is changed in the future, but for now, it is still the same. If NEM were to become more popular, the developers may announce such a change, though." |CoinTelegraph://Has XTRABYTES Already Rendered The Top Cryptocurrencies Obsolete?> (note at 0.13 USD per XBY right now - source) "In response, the main developer of XTRABYTES, Zoltan Szabo, has created a unique, revolutionary blockchain solution known as the Proof of Signature (PoSign) consensus algorithm. In addition to being eco-friendly, the core protocol is based on an initial 512 decentralized STATIC nodes (which will slowly expand to an even more decentralized 3,584 STATIC node network) that solves the 51% attack dilemma." "There is a well known problem in the crypto world that the blockchains don't have the transaction capacity to be of real world use. In a world where Visa/Mastercard has the potential to perform far more than 2,000 transactions per second (tps), how can Bitcoin or Ethereum ever compete? The goal of the XTRABYTES protocol is to hit 10,000 tps in order to be capable of handling the transaction capacity required to facilitate virtually unlimited consumer growth." https://www.burst-coin.org/ "A Blockchain-based cryptocurrency depends on its users securizing the network by following a complicated algorithm actively validating each transaction. This activity is called “mining” and because of that the entire Bitcoin network now consumes more energy than a number of countries. With Burst and its Proof-of-Capacity (PoC) algorithm using free disk space instead of energy consuming CPUs and GPUs, mining barely uses more energy than just leaving your computer on." Criticism Almost all verification systems lead to consolidation of rewards in the hands of nodes that have either the most resources or the most computing power. This leads to centralisation of power and rewards. The goal of Organic Quantum Cryptography is to solve this issue by creating a 'proof-of-consciousness' style blockchain whereby any attempts to automate reward accrual tends to fail relative to simply having more conscious nodes actively verifying transactions. Proof-of-Work Useful work Prime coin (XPM) - https://bitscreener.com/coins/primecoin?timeframe=1y&chart_type=candle&chart_unit=usd Folding coin (FLDC) - https://bitscreener.com/coins/foldingcoin Category:Cryptography Category:Quantum Cryptography